On June 1, 2020, Gamma Corporation paid $120,000 cash for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2020 adjusting journal entry is: Debit Rent Expense and Credit Prepaid Rent $50,000 Debit Prepaid Rent and Credit Rent Expense $70,000 Debit Rent Expense and Credit Prepaid Rent $70,000 Debit Prepaid Rent and Credit Cash $50,000